Sou Hu Cai Jing·2025-11-04 17:35Group 1 - The stock price of Xinhua Pharmaceutical (000756) closed at 15.91 yuan on November 4, 2025, down 0.25% with a turnover rate of 1.96% and a trading volume of 96,400 shares, amounting to a total transaction value of 153 million yuan [1] - The company has a diverse product range including raw materials, formulations, and pharmaceutical intermediates, with the sales volume of the winning products from the national medical procurement policy being relatively small [2] - After winning bids under the national medical procurement policy, the gross margin of the winning products has decreased, but the company can mitigate this impact through economies of scale, refined management, and expanding market share [2] Group 2 - On November 4, the net inflow of main funds was 23.77 million yuan, accounting for 15.57% of the total transaction value, while retail investors experienced a net outflow of 14.34 million yuan, representing 9.39% of the total transaction value [3] - The implementation of the procurement policy has led to an improvement in the payment settlement cycle for the company as the National Healthcare Security Administration gradually expands the direct settlement range of medical insurance funds with pharmaceutical companies [2]